Taxation

Union Budget 2023-24 provides substantial relief for personal income tax.
New slabs announced under the new tax regime.
Resident individual with total income upto Rs. 7 lakh will not have to pay any income tax under new tax regime.
Standard deduction of Rs. 50,000 will also be available to salaried Individuals under the new tax regime
New tax regime for individual and HUF will be the default regime.
Limit for tax exemption on leave encashment on retirement of Non-government salaried employees increased to Rs. 25 lakh.
Slew of proposals announced for the Cooperative Sector.
Indirect tax proposals aim to promote exports, boost domestic Manufacturing, enhance domestic value addition, encourage Green energy and mobility
Number of Basic Customs Duty rates on goods, other than Textiles and agriculture, reduced from 21 to 13.